Here's my journal of trading a simple method. I'd appreciate any comments/help/ideas/criticism.
Here is a summary of rules/plan:
I trade CL, 6B, 6A (all 6 range), YM( 6 range) between 6am and 7:15am EDT (sometimes earlier, sometimes later and sometime during the day).
I watch price action and look for trending, top/bottom patterms, break-outs, continuation patterns (flags, pennants). I'm discretionary about what I see. If it looks like a duck and quacks like a duck it's probably a duck. I also have APZ channel,pivots (previous day, previous week, current week), and "00/50" levels up on the chart.
I've also added futures.io (formerly BMT) CollectiveMAColor. I only take trades in the direction of the MA.
If I like the PA I enter 1 contract on a pull-back to the wave indicator (hence the title to my journal:becky:) (wave is set at 4) in the direction of the trend. I have recently cleaned up my chart by using a double smoothed ema (set at 4,4) which is the wave indicator main line, but looks cleaner. I will use market or limit orders depending on how fast price is moving.
I use a close SL (12) and snap to BE @ 10 ticks.
I trade on NT and use an ATM strategy on all trades. Basically, SL and BE and trailing stop are all preset.
I trade a live account.
I stop for the day if I lose 2 trades in a row. I don't have a daily goal, preferring to take what the market will give me that day.